The CFA Program consists of three levels (I, II, and III) of exams that must be passed sequentially. Each level covers 10 key topics, with the curriculum provided in 6 volumes, and typically requires over 300 hours of study per level.
The CFA exam, level 1, tests you on 10 topics. It includes two 135-minute exam sessions, each with 90 multiple-choice questions. The level 1 exam is the first of the 3 levels of the CFA exam – a prestigious financial certification introduced and held worldwide by CFA Institute.
- Is ACCA more difficult than CFA? No, the CFA qualification tends to be considered slightly more difficult than ACCA - but this is to some extent a subjective matter, differing from person to person. Many people don't make it through the three levels of CFA because of the time required to finish the course.
Yes, it is definitely feasible. I self-studied for all 3 levels of my CFA exams, with a basic study notes package from Kaplan Schweser and tons of practice papers. You'll need to spend time with Level 2 to understand the materials and make time for practice tests.
Passing three levels of exams and satisfying professional work experience requirements completes the CFA course. Typically taking 3–4 years to finish the CFA program is feasible for most candidates, but for some motivated and thoughtful ones, it can be achieved in 18 months.
CFA exam & MBA success rates are about equal. Some arguments on the CFA Program vs MBA thread sometimes point to the CFA exam pass rates. About 40%+ of CFA exam candidates pass each year, compounding to a very low total pass rate across 3 levels.
CFAs who specialize in accounting may benefit from becoming certified public accountants (CPAs). Like the CFA credential, CPAs must meet education and experience requirements, plus passing scores on a four-part exam. Those in private wealth management can consider the certified financial planner (CFP) credential.
Average Age of CFA Candidates
Although many candidates are in their late twenties or early thirties, the Program has a wide age range. Many begin at 35, 40, or even 50. Some of the most thoughtful, determined candidates are the ones who start later. Experience is not a burden.
In spite of all odds, average students pass CFA exams regularly by: Employing study schedules with an emphasis on key subjects. Focusing on ethics and key notions, which have high exam weighting. Utilising quality preparation materials and practice exams.
Due to the vast material covered on the exams, the CFA® Institute suggests that candidates begin to prepare for each Level at least six months in advance, and recommends approximately 300 study hours per exam.
No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.
10 careers you can pursue with a CFA designation
CFA Program exams take place four times a year around the world – usually in February, May, August, and November. How much does the CFA Program cost? Total exam fees for all three levels of the CFA Program range from USD 3520 – 4,600, depending on whether you register during the early or standard registration window.
However, let's put things into perspective: the CFA Level 1 exam is not a math test. The CFA Institute has made it clear that calculations will account for no more than 30% of the questions on the exam. To put it in numbers, that's a maximum of 54 out of the 180 questions.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
Choose CFA if you want deep investment knowledge, can self-study and are focused on technical roles. Choose MBA if you're pivoting industries, need a network and want to move into leadership. Choose a Master's in Finance if you're early in your career and want an academic depth with strong recruiting access.
Yes, it is possible to pass the CFA Level I Exam with self-study. However, most CFA members strongly suggest that you prepare with a CFA expert who can help guide you through the curriculum and keep you motivated along the way.
You should aim for advanced proficiency rating in most topics and score 70% or more when taking practice problems. One strategy to improve performance on CFA exams is to take the CFA Institute developed practice packs and mock exams to further your preparation.
The CFA Institute lets you register for another sitting as early as the next cycle. However, be aware that you must pay the exam fees again. Yes, if you fail CFA Level 1, you do have to pay again. That's why taking the time to prepare better this time matters.
There is no age limit to appear for the CFA exams. However, since the program is intensive and typically pursued for long-term career growth, most candidates begin in their early to mid-20s.
You generally need to be 14 or 15 to work Front of House (guest-facing) and 16 for Back of House (kitchen), but it heavily depends on the specific franchised location and state labor laws, with many stores hiring 14/15-year-olds with work permits for limited hours, while some require 16 for all roles. Check with your local restaurant to confirm their minimum age and requirements.
No. Your results do not expire.